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The class warfare fuzzy math budget - everybody but the rich loses.

by: Adam L

Wed Mar 17, 2010 at 03:00:00 PM EDT



When Governor Christie announced his budget proposal, he called for "an era of sacrifice".  However, it is clear that he means it for those who earn less than $400,000 per year, public employees, non-corporations and isn't a big business.

For starters, Christie talked about a "smaller government", yet his $29.3 billion budget has more spending than former Governor Corzine's last budget, and also kicks the middle class squarely in the teeth.  And then, ironically, he defends giving a huge tax cut to those who need it least (go to the 3:15 mark) with a comment on how it would be "putting his foot on the neck of small businesses".

Never mind that he has stuck his foot on the neck, down the throats and up the asses of the entire middle and lower income families in the state with this budget.  Cuts to education funding, cuts to public transportation that will lead to a 25%+ fare increases, scaling back the earned income credit for poor families, eliminate the property tax rebates - despite saying it would be "the last thing he ever would do" - and those are just a few of the many.

Of course, this "shared sacrifice" in an era where just about everything else is cut doesn't apply when close to $1 billion per year can be had from reinstating a very popular tax on those who (1) have seen the least pain and (2) can afford it the most.

But what about the other lies?  Well, outside of the "never eliminating the property tax rebates" (regardless of whether they should or should not be eliminated), there is the history of Christie making up numbers out of thin air just in these past couple of months - and he has done it again.  Christie's supposed $11 billion deficit includes close to $3 billion in pension obligations that he is not funding, and another $1.1 billion in property tax rebates which are being eliminated.

So we are talking about $7 billion - which is still a large number, but not $11 billion - just another Christie lie.  Add back the tax on the super rich and that goes down to $6 billion.

Lastly, Christie seems to have replaced the word "taxes" with "fees" - and while our tax dollars go to pay for services like, well, repairs and removal of trees after a devastating storm for example, Christie was very adamant during the campaign about equating "taxes and fees" when hitting Corzine.  Yet, here he is proposing "fees" on businesses - but don't call them taxes, of course....

New Jerseyans voted for a change in Governors.  However, they will now be waking up with a horrible hangover as to the effects of their vote.

Adam L :: The class warfare fuzzy math budget - everybody but the rich loses.
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I smell a lot of "buyers remorse" coming up in the next few years, (4.00 / 3)
among the "know nothing" great unwashed who thought that Governor Christie would wave a magic wand, cut their property taxes, serve up their rebates, and kick those bums off of welfare as well as reducing those fat-cat public employees to minimum wage status.  They will have a rude awakening as their taxes go up to fill the pockets of the private contractors that will be hired to pay off the political contributions they made to the Christie campaign.  They will discover that as great, wonderful, and powerful the Governor may be, he will not be able to overturn the laws of gravity, time, tide, and compound interest.  

shared sacrifice (0.00 / 0)
uh huh. The guy has NO background in finance. And it is painfully obvious, since he is doing much of the same stuff that the Bush WH did.

Of course, those economic policies proved disastrous to the nation and world, but, what the hell--GOP-ers can always indulge in the magical thinking that is required in order to promote that agenda.

But we're stuck with this clown for another almost 4 years. We need to make sure there's pushback.


Why is this a problem (0.00 / 0)
Christie ran on a platform that he was not going to raise taxes ...so everyone knew the 1/2 millionaires tax was not going to happen on CC's watch...So just why would our  democratic controlled legislature not send a bill to Corzine in lame duck to extend the tax ?.....perhaps they too wanted it to expire ? what else could explain this ?

Fair point (0.00 / 0)
But extending it would not be "raising taxes."  It would keep it at the same rate as the '09 tax year.

[ Parent ]
he raised taxes on businesses (0.00 / 0)
with the licensing "fees" he proposed.

He raised taxes on the poor by lowering the earned income credit.

He raised taxes on everyone that was to get a property tax rebate.

And that is just in the first 2 months.

Scott Garrett - on the wrong side of, well, everything.


[ Parent ]
Christie's now the Governor (0.00 / 0)

Christie wanted the job, remember.  He can be accountable for his own decisions.  This is his decision.

How many times... (0.00 / 0)
are you going to write that Gov. Corzine's last budget was smaller than 29.3 billion?

You know, as well as I, that Gov. Corzine chose not to include some 2-3 billion in stimulus money that was certainly spent on government functions. In effect, gov. Chiristie's budget is a 8.5% cut over what was spent last year. Those are the facts.

"Where ever you go, there you are." - Buckaroo Bonzai


I wrote it once, above (0.00 / 0)
and Christie also doesn't include a number of things that will increase his number - the $1 billion in Federal funds, and any additional supplemental funding - since there has never NOT been supplemental funding after the budget was set.

Scott Garrett - on the wrong side of, well, everything.

[ Parent ]
Income taxes (0.00 / 0)
I believe that the progressive tax brackets need work, for example, the tax bracket of $150,001-500,000 pays 6.37% of its yearly income to taxes, while the tax bracket of over $500,000 pays 8.97% of its yearly income to taxes. This is too steep of a difference, and I believe that a new tax bracket of $250,001-500,000 should pay 7.67% to taxes.

I think also that people who make under $10,000 per year should not be subject to income tax, as that ends up being remitted anyway (and remission costs administrative dollars).

-Jordan O

http://pinelandsprogressive.blogspot.com


Income Taxes (4.00 / 1)

The statement "tax bracket of over $500,000 pays 8.97% of its yearly income to taxes"  is incorrect.  What actually happens is that the
"tax bracket of over $500,000 pays 8.97% of all income above $500,000 to taxes."  

[ Parent ]
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